FILE PHOTO: The logo of Swiss power technology and automation group ABB is seen at the Swiss Economic Forum (SEF) conference in Interlaken, Switzerland May 24, 2019. REUTERS/Arnd Wiegmann
March 19, 2021
ZURICH (Reuters) – U.S.-based investment manager Capital Group has increased its stake in ABB to 5.05%, a regulatory filing showed on Friday, becoming the second-biggest shareholder in the Swiss engineering company.
Capital, which had to disclose its position after going above 5% of the stock, previously held a 3.03% voting stake.
Its holdings now overtake Cevian Capital, the activist investor group, which holds 4.89% of ABB, according to Refinitiv data. The biggest investor in ABB remains Sweden’s Investor AB, founded by the Wallenberg family, with 12.24%.
Capital, which has more than $2 trillion in assets under management, did not respond to requests for comment. The company describes itself as a long-term strategic investor.
ABB’s share price has risen by 38% in the past 12 months since former Sandvik boss Bjorn Rosengren took over as CEO, outperforming the Swiss blue-chip SMI index, which has gained 9.9%.
ABB declined to comment.
(Reporting by John Revill; Editing by Michael Shields)